- GBP/USD: Plunged 0.61% to 1.3870 after falling to fresh seven-year lows earlier Friday. Since the UK received special status in the EU late last week, the pound has crashed more than 3.2%.
- EUR/USD: Fell sharply on Friday sliding to its lowest level in three weeks, as core inflation in the U.S. rose by its highest annual percentage in more than three years, bolstering hawkish arguments for further interest rate hikes by the Federal Reserve. Since surging to three-month highs earlier this month, the euro has plunged more than 3.2% against its American counterpart.
- USD Index: Which measures the strength of the greenback versus a basket of six other major currencies, surged more than 0.80% to an intraday high of 98.29, before closing at 98.13. At session highs, the index reached its highest level in nearly three weeks.
- USD/CAD: Hit 1.3506 during early U.S. trade, the pair’s lowest since February 8; the pair consolidated at 1.3520, slipping 0.10%. The pair was likely to find support at 1.3361, the low of December 7 and resistance at 1.3736, Thursday’s high.
- JPY: Rallied for the fourth-consecutive week versus the Euro and British Pound, but a week of strong US economic data and disappointments out of Japan helped the USD/JPY exchange rate break its recent losing streak.
- XAU Forecast: Gold traders will be closely eyeing the all-important February Non-Farm Payrolls report on Friday. Better than expected employment figures could further bring-in interest rate expectations as the FED looks to achieve its dual mandate of fostering maximum employment & price stability (i.e. 2% inflation). Gold prices could weaken as higher rates will generally tend to weigh on bullion which does not pay a dividend.
*Report prepared by Nicolas Shamtanis.
Please note: Try our new trading platform www.easymarkets.com and login with your same username and password you use at easy-forex. Experience a better user interface with news, Technical Analysis and charts – all in one page